Authorities say the 44-year-old man, identified as James Torres, was wanted in an ATM robbery at a Chase Bank on West Burnside Avenue that took place just after 4 a.m.
His victim, a 24-year-old man, ran out of the bank and flagged down police. He drove around the neighborhood with the officers until they spotted the suspect.
Torres reeportedly fled, and police chased him into an apartment building on Davidson Avenue.
A struggle ensued, and Torres was shot by the officer. A loaded .380 handgun was recovered during the ensuing police investigation.
Torres, who has at least 26 prior arrests, was pronounced dead at St. Barnabas Hospital. In the past, he has been charged with assault, robbery, criminal possession of a weapon, possession of a controlled substance, trespassing and assault. His rap sheet is 41 pages long.
He most recently spent four years in prison for attempted robbery and was released in January. He also served three years in prison for assault.
Four officers were treated for non-life threatening injuries, though one suffered a minor hand injury.