An Embraer ERJ-145 First Officer reported an engine failure while on final approach; resulting in an expedited landing at the destination airport.

Narrative

We departed from ZZZ1 to ZZZ with the aircraft operating normally. I was the Pilot Flying and Captain was the PM. There were no indications of any issues with Engine #1 during the flight before it shut off. We were at 5;000MSL and past ZZZZZ on the ZZZZZ1 arrival when the incident occurred. As we turned right base for the ILS XXR approach; we heard one loud bang/pop from the rear of the aircraft. Moments later; the EICAS indicated that the Engine Pressure for Engine 1 was 0 and red and displayed an E1 FAIL" EICAS message. Additionally; received "Spoiler Fail" and "RUD HDOV PROT FAIL" EICAS caution messages as well. We identified the messages and conducted the E1 FAIL QRH procedure. We immediately [Requested Priority Handling] with ATC and I continued to fly while captain handled the radios and QRH procedure. We decided not to attempt an engine restart since we didn't know the nature of the shutdown and were already on final. Captain then advised our flight attendant of the situation; before giving the passengers a brief rundown on the situation. After [requesting priority handling] with ATC; we received priority handling and were given clearance for the Visual for XXR. At approximately 2 miles from the FAF; I called for the One Engine Inoperative Landing Check after commanding gear and flaps 22. At this point; I disengaged the autopilot and hand flew the rest of the approach. We landed on XXR without incident and Airport Ops scoped out the aircraft before determining we were safe to taxi to the gate. They reported no damage or leakage from the engine. We taxied safely to the gate and the rest of the flight culminated as normal. I conducted the walk around afterwards and did not notice any abnormalities with the aircraft."