A man spotted near a TD Canada Trust branch carrying a machete has died after being shot by Toronto police, the province's Special Investigations Unit has confirmed.  

Police responded to a call at the bank near the corner of Kennedy Road and Eglinton Avenue East shortly after 12:30 p.m. Friday afternoon.

According to a news release from the SIU "a male officer and a female officer each discharged their firearms and the man was fatally struck."

The man was rushed to Sunnybrook Health Sciences Centre where he was pronounced dead.

The SIU said the man was 50 years old, but did not identify him.

Witnesses reported seeing the man acting strangely shortly before the altercation with police.

Rina Valin, who lives around the corner, says she's been shaken by the shooting.

"To hear something like that, you just wonder is it safe to go anywhere these days," said Valin.

A TD spokesperson said the man hadn't entered the branch before the incident.

Nearly a dozen police cruisers blocked the intersection and police tape surrounded the branch as investigators questioned witnesses. 

The SIU is called in to investigate any time a member of the public is seriously injured by police.