This paper discusses a new structure of M-channel IIR perfect reconstruction filter banks. A novel building block defined as a cascade connection of some IIR building blocks and FIR building blocks is presented. An IIR building block is written by state space representation, where we easily obtain a stable filter bank by setting eigenvalues of the state transition matrix into the unit circle. Due to cascade connection of building blocks, we are able to design a system with a larger number of free parameters while keeping the stability. We introduce the condition which obtains the new building block without increasing of the filter order in spite of cascade connection. Additionally, by showing the simulation results, we show that this implementation has a better stopband attenuation than conventional methods.