Two women tellers at the BNZ Bank in Putaruru were forced to hand over an undisclosed amount of money to the men.
The robbery happened about 4.36pm and late last night police were hunting the pair.
Police praised the tellers for keeping their cool and co-operating with the robbers.
Tokoroa CIB chief Detective Senior Sergeant Kevan Verry said the robbers had concealed their identities with clothing and glasses. One was armed with a firearm.
"The two female tellers were confronted and demands made for money, however no violence was used during the robbery," Mr Verry said.
The tellers had followed correct procedure, co-operated with the robbers and gave them the money as requested.
The men left within a minute and fled on foot along Princes Street, toward Bent Street.
Mr Verry said a stolen white Nissan Primera car, which had been stolen from Tokoroa the previous day, was found by police several blocks away.
Police were carrying out a scene examination and interviewing witnesses.
Mr Verry appealed for public help to solve the crime.
"We need information regarding the suspicious behaviour of any persons in the vicinity of the BNZ Bank at the time of the robbery, as well as any sightings of a white Nissan Primera," he said.
"The two bank tellers acted with cool heads during this robbery and followed the advice given by police in these situations.
"They co-operated with the robbers which ensured their own safety and prevented the situation escalating," Mr Verry said.
