On Saturday morning, RCMP released the names of the two suspects: 22-year-olds Mathew and Isaac Auchterlonie of Duncan.
Police said the suspects’ family is cooperating with the investigation.
Neither brother had a criminal record and police said they were not known to them.
“We understand that the release of the names of the two deceased may answer the who, but there are still many outstanding questions and investigation efforts that need to take place in order to fully understand what took place and why,” said RCMP Cpl. Alex Bérubé.
“The motive behind the armed robbery and subsequent exchange of gunfire with police has not yet been determined.”
Police say the two brothers were the only ones in the bank, but are not ruling out that others may have been involved.
Anyone who has had recent interactions with either of the two is asked to contact the RCMP’s Vancouver Island Integrated Major Crime Unit.
Forensic efforts are also ongoing at the scene, according to police.