A man suspected of robbing three banks in the Chandler area since last month is in custody, police said.
Michael Schraeder, 25, has been booked into the Maricopa County Jail on suspicion of robbery and armed robbery. He was arrested Wednesday by members of the Department's Criminal Apprehension Unit.
He's being held on a $45,000 bond awaiting a court appearance Wednesday.
Police said a U.S. Bank branch in Chandler was robbed Dec. 29 by a man who passed a note to a teller.
Six days later, another U.S. Bank branch in Chandler was robbed by a man using the same method.
A similar robbery occurred Jan. 7 at a Wells Fargo Bank branch in Sun Lakes.
Police investigators said they developed probable cause against Schraeder in all three robberies.
Copyright 2013 Associated Press. All rights reserved. CBS 5 (KPHO Broadcasting Corporation) contributed to this report.