This paper proposes a new method for designing a two-channel quadrature mirror filter bank using polyphase components of the low-pass prototype filter. The method formulates an objective function that is minimized using a power optimization approach. The objective function is a linear combination of passband error and stopband residual energy. Simulation results show the proposed method requires less computational time and fewer iterations compared to existing methods. Design examples demonstrate the method produces improved stopband attenuation and reconstruction error performance.