Police spent hours Thursday morning examining a suspected pipe bomb left by a robber inside an Everett bank before it was determined the device was a fake.

A man entered the East Boston Savings Bank on Revere Beach Parkway about 9:36 a.m., demanded money, pulled out a package, said it was a bomb and fled.

Police in protective bomb suits and a robot were sent in to look at the device while people were evacuated from the neighborhood.

Traffic on Route 16 was held up for hours.

The man fled towards Chelsea and was still being sought Thursday afternoon.