Sherman Police have identified the man killed in Monday’s bank robbery and standoff, as a suspected serial bank robber who hit four locations in Sherman And Denison over the last two years.

In a news conference held Tuesday Sherman Police Chief Zachary Flores identified the deceased suspect as Terry Cagle, 73 of Whitesboro.

Shortly after 8:15 a.m. Monday, Sherman Police were dispatched to First Texoma National Bank off FM 1417 in reference to a robbery-in-progress call. Flores said Cagle drove away from the bank but was followed by a witness who relayed a vehicle description to dispatchers. Cagle reportedly pulled over near the intersection of U.S. Highway 82 and N. Travis Street to change clothes and swap license plates immediately after the robbery and was then was located by police.

“Mr. Cagle had exited the car and was holding a gun to his side,” Flores said. “As the officers were negotiating with him for several minutes, he verbally refused to cooperate with them. He pulled the gun up toward officers and began to aggressively approach them. That was the the point when officers began to discharge their weapons and fatally wounded Mr. Cagle.”

Officers secured the scene and ultimately found Cagle’s firearm to be a pellet-gun replica of Beretta 92 handgun. No officers were injured and no injuries were reported in the bank robbery.

The FBI has assumed the lead in the investigation of the bank robbery and the Texas Rangers are investigating the officer-involved shooting.

Flores said the Cagle is believed responsible for the robbery of Texoma National Bank on in December 2019 and again on Monday. Cagle is also thought to be the lone suspect in the robbery of Landmark Bank off FM 691 in Denison in February 2018 and again this February.

Investigators found Cagle was also convicted on a federal bank robbery charge in 2003 and served 30 months in prison, but the jurisdiction was not immediately known.

As a matter of routine, the officers which opened fire on Cagle Monday afternoon have been placed on paid administrative leave. Flores declined to say how many officers had been placed on leave, but commended their courage as well as their attempts negotiate with Cagle and de-escalate the situation.

“We’re proud of the bravery that our officers showed in this very difficult situation that they were forced to be in,” Flores said.

No additional details were available Tuesday. The incident remains under investigation by the Texas Rangers and FBI.

Drew Smith is the crime and emergency reporter for the Herald Democrat. Contact him at asmith@heralddemocrat.com.