Like much of rural Ireland, Craigbane suffered greatly in the 1960s from emigration and the club folded in 1962. The present club, St Joseph's GAC Craigbane came into existence in 1972 under the leadership of Gerry Crossan. The side played in Division 4 and their first game was a victory away to Coleraine. St. Joseph's were runners up to Drum in the 1973 Derry Junior Football Championship and won Division 4 the following year. At the end of the 1975 season, Craigbane were promoted to Senior football for the first time. Their first game in Division 1 was a defeat against Glen on a 2–09 to 1–09 scoreline. Craigbane were relegated to Division 2 for the 1977 season and were back playing Intermediate football for the next five years.