“Stay calm and we are sorry for the inconvenience but there is a crisis,” one of the balaclava-clad men said during the robbery on a branch of Banca Monte dei Paschi di Siena in Sardinia, ANSA news agency reported.
Police officers said they believed a weapon used in the hold-up was a fake since it did not set off a metal detector at the entrance to the bank.
The robbers locked the employees in a room to make their escape.
The Italian economy is in recession and a series of steep budget cuts in recent months to avoid bankruptcy have left many Italians out of pocket.