Barclays bank, located along the EN125 in Lagoa, has become the latest target for cash machine thieves.
An ATM was stolen during the night of January 27 with the use of a JCB, which was taken from a nearby garden centre.
The thieves used the JCB to force a large hole into the glass fronted bank before stealing the ATM machine.
Bank staff only realised what had happened when they arrived at work the following morning because no alarm system had been activated by the robbery.
According to a GNR spokesman, evidence was collected at the scene. No-one has yet been arrested in connection with the theft.
The amount of money in the machine was not revealed by police.
Nine ATM machines have been taken in the Algarve in recent weeks, with six of these having been taken with the use of a stolen digger.