A signal processing system for reducing calibration-related distortions in a complete-channel signal generated by a multi-channel subsystem, such as an interleaved ADC, includes a channel separator for separating the distorted digital signal into its various sub-channels and a single-channel corrector for independently processing each sub-channel to reduce distortion products present therein. The system additionally includes a subchannel re-combiner for combining the plurality of sub-channels processed by the single-channel corrector and a multi-channel corrector for calibrating each of plurality of sub-channels relative to one another to yield an equalized, complete-channel output signal. The multi-channel corrector includes a bank of optimized filters, each filter being assigned to a corresponding sub-channel of the complete-channel signal. In one embodiment, one of the plurality of sub-channels is selected as an ideal reference signal and the filters assigned to the remaining sub-channels are optimized to yield outputs which match the ideal reference signal.