According to The Daily Mail the assault took place at the Bank Hapoalim in the southern city of Beersheba. The two robbers reportedly opened fire in the bank killing four people and injuring many more.
One of the robbers was apprehended by police during the standoff while the other remained inside the bank with a hostage. He eventually shot himself dead.
Israeli media reported that three bank employees and a customer were among the dead. At least three other people were injured, with one in critical condition.
According to the Mail, bank robberies are rare in Israel.
For pictures of authorities rescuing the hostages visit The Daily Mail.