A man who allegedly held up a bank with a fake gun more than a decade ago has been arrested and charged.

The Rangitikei St branch of BNZ in Palmerston North was robbed by a man who allegedly pointed what appeared to be a pistol at three tellers and demanded money on May 24, 2007.

About $1400 was stolen.

The three women tellers were shaken by the incident but not injured, and the pistol turned out to be an imitation.

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The investigation was reopened a few months ago and a search warrant was carried out in Palmerston North today.

A 41-year-old man was arrested and charged with aggravated robbery and cannabis cultivation.

Detective Sergeant David Thompson said it was a great result.

"The phone call to the three ladies who were directly affected by the robbery was extremely satisfying," he said.

"As you can imagine they were delighted by the news, albeit a little surprised given the passage of time.

"We are always reviewing cases like this to see if anything has changed, it goes to show you can run but you can't hide forever."

The alleged robber is due to appear in the Palmerston North District Court on March 15.

Thompson said it was also a timely reminder for anyone who had information on any historic crimes they thought could help to contact their local police station, or to report the information anonymously via Crimestoppers on 0800 555 111.

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