Through the effort of Former Assemblyman Jose “Popit” Puyat and Mrs. Isabel R. Puyat, the Rural Bank of Lanuza (Surigao del Sur), Inc. was founded under the Republic Act No. 720 as amended, otherwise known as the Rural Banking Act of 1952, in the form of a stock corporation. It was registered with the Securities and Exchange Commission on August 12, 1971 with a registration number 44997 and granted the authority to operate by the Central Bank of the Philippines on November 24, 1971. The bank had the initial capital of P500,000 when it was organized and was then augmented to P1,250,000 some time in August 31, 1990, then its authorized capital stock was further increased to P20,000,000 by April 6, 1998 to cope with its envisioned expansion programs.
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