FCA unveiled a plan to save on its interest costs.

Financial Corp. of America, parent company of American Savings & Loan Assn., said it has reached an agreement with Salomon Bros. and a subsidiary of Merrill Lynch & Co. to create a so-called whole-loan repurchase credit facility. The agreement allows FCA to borrow money through the two investment houses, using single loans as collateral, more cheaply than it can raise money through large, expensive customer deposits, FCA said. FCA Chairman William J. Popejoy said the company expects to save about $3 million in interest costs on its initial borrowings of between $400 million and $500 million.