Bank Robbery in Miami, Hostages taken, bomb possible.

CORAL GABLES, Fla. (WSVN) -- Authorities have surrounded a bank after at least one man walked in Friday morning claiming to have a bomb. Coral Gables Police said several people are being held hostage.

The bomb squad is on the scene at the Bank of America on 1500 South Dixie Highway. "They did take the people that were inside at the time hostage," said Coral Gables Police Sergeant Janette Frevola. "We don't know what the situation is right now, it's very preliminary still. We do have crisis negotiations teams out there right now trying to work and negotiate something."

Officials have shut down both directions of US1 from Red Road to Mariposa Avenue and a perimeter has been set up in the area.

Students at nearby University of Miami have received notice of the hostage situation. Riviera Day School, Sunset Elementary, Ludlam Elementary and West Lab Elementary have been placed on lock down.

Miami-Dade Transit officials have suspended Metrorail service between Douglas Road and South Miami Stations.

Stay tuned to 7 News for more information on this breaking news.