Hand gesture decoding is a key component of controlling prosthesis in the area of Brain Computer Interface (BCI). This study is concerned with classification of hand gestures, based on Electrocorticography (ECoG) recordings. Recent studies have utilized the temporal information in ECoG signals for robust hand gesture decoding. In our preliminary analysis on ECoG recordings of hand gestures, we observed different power variations in six frequency bands ranging from 4 to 200 Hz. Therefore, the current trend of including temporal information in the classifier was extended to provide equal importance to power variations in each of these frequency bands. Statistical and Principal Component Analysis (PCA) based feature reduction was implemented for each frequency band separately, and classification was performed with a Long Short-Term Memory (LSTM) based neural network to utilize both temporal and spatial information of each frequency band. The proposed architecture along with each feature reduction method was tested on ECoG recordings of five finger flexions performed by seven subjects from the publicly available 'fingerflex' dataset. An average classification accuracy of 82.4% was achieved with the statistical based channel selection method which is an improvement compared to state-of-the-art methods.