Start out with a new image and type your text out. I used an RGB background of R32 G42 B57 and a text color of R53 G71 B97 Once done go to layer/type/render layer.
Next on the layer with your text go to filter/artistic/dry brush and use the settings of Brush Size=10 Brush Detail=10 Texture=3. Repeat this exact same step one more time. Next run filter/artistic/paint Daubs/ with the setting of Brush Size=1 Sharpness=40. Next go to filter/artistic/poster edges and use the settings of Edge Thickness=1 Edge Intensity=5 Posterization=6. NOTE: Depending on the actual size of your text you may need to increase or decrease the Posterization settings. But when you are done with that step your image should resemble the image here in step 2.
Now go ahead and run the filter/Brush Strokes/Accented Edges and use a value of Edge Width=1 Edge Brightness=0 Smoothness=6. Next run filter/Brush Strokes/Ink Outlines and use the values of Stroke Length=1 Dark Intensity=0 Light Intensity=0. Now go to filter/Noise/Add Noise and use a value of 10 for the amount with the "uniform" box checked and the "monochromatic" box checked.
Now go to layer/effects/inner shadow and just use the default amount and hit ok. Then go to filter/Sharpen/Sharpen and run that filter one time.
Now Ctrl+click your text layer to select your text. With the text selected make a new layer
. Now on
the new layer make sure you have black as your foreground color and
go to edit/stroke and use the a value of 2 for the width, "outside"
for the location and 100 for the opacity, and make sure the mode is
normal with the "preserve transparency" box NOT checked. Hit ok. Now
drag this new layer with the stoke outline into the create new layer
box to duplicate this layer
. Once
duplicated and you are working in this new layer go to filter/Brush
Stokes/Crosshatch and use the values of Stroke Length=9 Sharpness=6
Strength=2.
6.
Now create a
new layer
and make
sure it is on top of "all" the other layers. Grab your Rectangular
Marquee tool and make a selection in the middle of your text just
under 1/3rd of the height of your text and fill it with white. See
picture for a rough idea on how I did it.
Now on that layer with the white bar make sure it is NOT selected and run the filter/Blur/Guassian Blur and use a value of about 12. Now change that layers mode to Color Dodge. While still in this layer Ctrl+Click on your layer with the actual text in it to select the text. Now hit Ctrl+Shift+I to invert the selection and hit delete on your keyboard making sure you are still in the layer with the white bar.
Now all you need to do is add a drop shadow to the text layer and you should be done =) And if you want to change the color of your text all you need to do is go to image/adjust/Hue Saturation and check the colorize box and choose your settings. And if you want to make the light or highlight brighter like I did in the second finished picture just duplicate the white bar layer that we set to color dodge and it will give it a real nice highlight.