A B737-800's right engine failed while in cruise at FL350. An emergency was declared and the flight diverted to a nearby airport.

Narrative

I was the 'pilot flying.' We were at cruise altitude FL350. I heard a loud bang; the aircraft briefly shook and slightly yawed to the right. The autopilot disconnected and I hand flew the aircraft. The engine instruments confirmed the RH engine had failed. The N1 and N2 gauges slowly spooled down. The Captain declared an 'emergency' then performed the 'Engine Failure Checklist.' We checked weather and diverted toward ZZZ. I retrimmed the airplane; connected the autopilot and communicated with ATC. The Captain communicated with the flight attendants; passengers and Dispatch. He finished the checklist about twenty-five miles west of ZZZ. The Captain requested the aircraft controls and became the 'pilot flying.' He flew the ILS Approach in visual conditions. He landed and taxied off Runway on Taxiway D. The Fire Department checked the aircraft. The aircraft looked fine so the Captain taxied to the Gate. The passengers deplaned without incident. After the passengers deplaned; I went to look at the RH engine. The engine was completely intact. There was some primer paint missing at the four-five and seven-eight o'clock position where the N1 compressor blades slightly rubbed. The turbine blades looked intact; but there were some small debris in the exhaust duct. After the RH engine failed; I suggested a divert towards ZZZ. The Captain and I were familiar with ZZZ. He agreed; so we headed towards ZZZ. I thought they had the longest runway in the area. When I reconnected the autopilot; I should have asked ATC for any of their alternate airport suggestions. Maybe; ATC would have suggested ZZZ1. I now know ZZZ1 has a longer runway and would have been slightly closer. My main concern was fly the airplane; communicate with ATC and backup the Captain during the 'Emergency Checklist' procedure.