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Subband decompositions for image coding have been explored extensively over the last few decades. The condensed wavelet packet (CWP) transform is one such decomposition that was recently shown to have coding performance advantages over conventional decompositions. A special feature of the CWP is that its design and implementation are performed in the cyclic frequency domain. While performance gains have been reported, efficient implementations of the CWP (or more generally, efficient implementations of cyclic filter banks) have not yet been fully explored. In this paper, we present efficient block-based implementations of cyclic filter banks along with an analysis of the arithmetic complexity. Block-based cyclic filter bank implementations of the CWP coder are compared with conventional subband/wavelet image coders whose filter banks are implemented in the time domain. It is shown that block-based cyclic filter bank implementations can result in CWP coding systems that outperform the popular image coding systems both in terms of arithmetic complexity and coding performance.