UPDATE: Tuscaloosa police say the suspect in a hostage situation at Alabama Credit Union is in custody and all hostages are OK.

PREVIOUS STORY: Tuscaloosa police are investigating a hostage situation at Alabama Credit Union near the University of Alabama.

Police responded to the credit union on Paul Bryant Drive just before 9 a.m. FBI and hostage negotiators are also at the scene assisting police.

Authorities say an armed suspect is holding employees hostage. No word yet on the number of hostages.

The University of Alabama posted the following emergency statement on its website:

"Police are responding to an active hostage situation at the Alabama Credit Union at 220 East Paul W. Bryant Drive. Bryant Drive is closed. Please avoid the area."