In this work, a new structure of M-channel linear-phase paraunitary filter banks is proposed, where nl is even. Our proposed structure can be regarded as a modification of the conventional generalized linear-phase lapped orthogonal transforms (GenLOT) based on the discrete cosine transform (DCT). The main purpose of this work is to overcome the limitation of the conventional DCT-based GenLOT, and improve the performance of the fast implementation. II is shown that our proposed fast GenLOT is superior to that of the conventional technique in terms of the coding gain. This work also provides a recursive initialization design procedure so as to avoid insignificant local-minimum solutions in the non-linear optimization processes. In order to verify the significance of our proposed method, several design examples are given. Furthermore, it is shown that the fast implementation can be used to construct ni-band linear-phase orthonormal wavelets with regularity.