RBP No. 991 was formed in 1919. The foundation members had been initiated into the Institution in Drummond RBP No. 426 some years earlier and because a number of them were attached to Derrycreevy LOL No. 460, they felt the need to form a Preceptory in Derrycreevy. Derrycreevy lies a short distance from the site of the Battle of Benburb, which took place in 1646.
The warrant was issued on 4th June 1919 to Sir Knight Alex Reid of Curran, near Derryfubble. He became the first WM and retained the position until his death in 1973, a period of some fifty-four years. He was the driving force behind the early success of the Preceptory.
Sir Knight Archie Reid replaced him in 1973 and retired in 1997 being replaced as Wm by Sir Knight Jim Long.
The Preceptory has maintained a membership around 40 for a long period of time. Records show that twelve new candidates were received in the first year and that a further twelve had been initiated by 1925.
There have been two banners in the history of the Preceptory. The current banner, cords and tassles of Derrycreevy R.B.P. No. 991 cost £106-11s-6d. It depicts The Boy David on the front and Daniel interpreting the Dream on the reverse. The banner was unfurled on the morning of the Last Saturday of August 1965 by a member Sir Knight Johnnie McGirr and dedicated by Rev. J.C. Faulkner, Minister of Benburb Presbyterian Church.