Intersymbol interference (ISI) and cochannel interference (CCI) are two primary sources of signal impairment in mobile communications. In order to suppress both ISI and CCI, space-time adaptive processing (STAP) has been shown to be effective in performing spatio-temporal equalization, leading to increased communication capacity as well as improved quality of service. The high complexity and slow convergence, however, often impede practical STAP implementations. Several subband array structures have been proposed as alternatives to STAP. These structures provide optimal or suboptimal steady-state performance with reduced implementation complexity and improved convergence performance. The purpose of this paper is to investigate the steady-state performance of subband arrays with centralized and localized feedback schemes, using different decimation rates. Analytical expressions of the minimum mean-square error (MMSE) performance are derived. The analysis assumes discrete Fourier transform (DFT)-based subband arrays and considers both unconstrained and constrained weight adaptations.