Finance Factors currently operates as a Hawaii depository financial services loan company, meaning that it can offer loans, mortgages, savings accounts but can't offer checking services, debit cards and lines of credit for business customers.

The company's parent Finance Enterprises Ltd. recently told shareholders in a proxy statement that it may seek approval with the Board of Governors of the Federal Reserve to convert Finance Factors into a state chartered bank.

The change, which also requires approval at Finance Enterprise's shareholders, would allow Finance Factors to offer many of the same checking, insurance and lines of credit that banks such as First Hawaiian Bank and Bank of Hawaii offer.

"We were limited by what kinds of products we can offer under our current charter," said Maureen Lichter, Finance Factors vice president of marketing. "We want to offer additional products and services for our customers."