Create new file with 72 PPI and white background. The mode has to be Grayscale. Type the text with thick font. We have used impact.

Select > Load Selection (Choose Layer Transparency)
Layer > Flatten Image
Select > Inverse

Filter > Pixelate > Crystallize (cell size 10)
Select > Inverse

Figure 1: Noise > Add Noise (Uniform, Monocromatic, Amount 70)
Figure 2:Blur > Guassian blur (Radius 2.0)

Figure 1

Figure 2

Press Ctrl + D to deselect
Image > Adjust > Invert
Image > Mode > RGB
Image > Adjust > Hue Saturation
Click Colorize
Drag the Hue slider to 210