Step 1

Create a new layer Set #052e05 (Dark green) as your foreground color. Now Use the text tool and type out what you want, and choose your text size.

Go to Filter > Blur > Gaussian blur and click ok for rasterizing the layer. Set radius to 1.

Now go to Filter > Distort > Ocean ripple and set these settings:
Ripple size: 5
Ripple Magnitude: 10

Step 2

Duplicate that layer and go to Filter > Sketch > Water paper and set this settings:
Fiber length: 42
Brightness: 70
Contrast: 64

In the layers toolbar set the blend mode to Hardlight, or whatever you think looks better.
Merge the two layers (Ctrl+E).

Step 3

Duplicate the combine layer and go to Filter > Blur > Motion Blur ( use Ctrl-F) about 3-4 times complete effect) and use these settings:
Angle: 90
Distance: 33
Set the blend mode to Hardlight.