A necessary and sufficient condition for M-channel maximally decimated paraunitary FIR filter banks is derived when the lengths of all the filters are the same and they are integer multiples of M. Based on the derived condition, a family of this kind of filter banks is defined. These results are also applied to the corresponding linear phase filter banks. Then, the design of this type of filter banks with the linear phase property is formulated as two orthogonal Procrustes optimization problems. The analytical solution of each optimization problem is derived based on a singular value decomposition approach. Since no numerical optimization computer aided design tool is required for finding the analytical solution of each optimization problem...