Randolph Bruce Adair was taken into custody on Wednesday at a Rancho Santa Margarita parking lot, the Orange County Sheriff's Department announced.
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The arrest came after several of Adair's family members contacted sheriff's deputies saying they had seen media reports about the Snowbird Bandit and had information.
Adair is a retired police officer who worked for the LAPD from 1967 to 1988.
Authorities say investigators were able to collect evidence connecting Adair to five recent bank robberies, including a robbery on Tuesday at the First Citizens Bank in Rancho Santa Margarita.
The 70-year-old Adair was booked on suspicion of robbery and an outstanding warrant. He is being held on $205,000 bail.
Investigators say they intend on pursuing federal charges against Adair.