A terrifying hostage situation Wednesday afternoon at a bank just north of Toronto ended suddenly after police shot a lone gunman.

Officers were called to the Royal Bank branch at the corner of Dufferin St. and Major MacKenzie Dr. in Vaughan around 1 p.m.

York Regional police officers were told that a man was inside the bank and that a number of hostages were being held.

Police said two officers discharged their firearms and a 25-year-old man was struck and killed.

No one else was injured but those inside the branch appeared to be traumatized by the incident.

The Special Investigations Unit is looking into the circumstances surrounding the fatal shooting.

Eight investigators and four forensic investigators have been assigned to the case.

The SIU is an arm’s length agency that investigates reports involving police where there has been death, serious injury or allegations of sexual assault.