This paper provides an approach for representing an optimum vector quantizer by a scalar nonlinear gain-plus-additive noise model. The validity and accuracy of this analytic model is confirmed by comparing the calcuated model quantization errors with actual simulation of the optimum Linde-Buzo-Gray(LBG) vector quantizer. Using this model we frm MSE measure of an M-band filter bank codec in terms of the equivalent scalar quantizatin model and find the optimum FIR filter coefficients for each channel in the M-band structure for a given bit rate, given filter length, and given input signal correlation model. Specific design examples are worked out for 4-tap filters in the two-band paraunitary case. These theoretical results are confirmed by extensive Monte Carlo simulation.