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

Figure 1: Filter > Pixelate > Crystallize (cell size 4)
Select > Inverse
Figure 2: Noise > Add Noise (Guassian, Monocromatic, Amount 70)
Blur > Guassian blur (Radius 2.0)

Figure 1

Figure 2

Image > Adjust > Curve (make the curve as shown in fig.)

Figure 1: Press Ctrl + D to deselect
Image > Adjust > Invert
Figure 2: Image > Rotate Canvas > 90 CW
Filter > Stylize > Wind
Method : Wind Direction : From the Right

Figure 1

Figure 2

Image > Rotate Canvas > 90 CCW
Image > Mode > RGB
Image > Adjust > Hue Saturation
Click Colorize
Drag the Saturation slider to 100
Drag the Lightness slider to -5