The Federal Deposit Insurance Corp. has shut down Puerto Rico-based Doral Bank. Banco Popular will take over most of the operations of what once the U.S. territory's fourth largest bank.

Doral Bank had $5.9 billion in total assets and $4.1 billion in total deposits. It is one of the largest bank failures in recent years.

The FDIC said Friday that Banco Popular will take over eight of Doral's 26 former branches and work with three other banks to operate the other 18 locations on the island. Banco Popular North America will operate Doral's three locations in New York City and Centennial Bank will take over its five branches in Florida.

Doral Bank has struggled with shrinking assets, a multimillion-fraud case and a $229 million legal fight with Puerto Rico's government.