1. Set #003100 (Dark green) as your foreground color. Now Use the text tool and type out what you want, I used Arial Black, 36pt.
2. Go to Filter > Blur > Gaussian blur and click ok for rasterizing the layer. Set radius to 1.
3. Now go to Filter > Distort > Ocean ripple and set these settings:
Ripple size: 5
Ripple Magnitude: 10
4. Duplicate the layer and go to Filter > Sketch > Water paper and set this settings:
Fiber length: 42
5. In the layers toolbar set the blend mode to Hardlight, or whatever you think looks better.
Merge the two layers (Ctrl+E).
6. Duplicate the layer and go to Filter > Blur > Motion Blur and use these settings:
Set the blend mode to Hardlight.