Press Image>Adjustment>Auto Levels



…and then Filter>Filter Gallery>Sketch>Plaster



getting a kind of drops on the picture Select next the Magic Wand Tool (W) and make a click between the drops on the white background. We’ll get a marking on the background. To get an inversion effect, we need to press the next combination of buttons Ctrl+Shift+I. Select after that the black color and press the next combination of buttons Alt + Backspace for the drops to get the black color.

 



The inversion may be done by pressing the next buttons Ctrl+Shift+I and then press Delete.



Select the next parameters for the same layer: Blending mode-Screen
Blending Options>Drop Shadow



Blending Options>Bevel and Emboss

 



Write the word, keeping the demands indicated in the next table:

 



The layer’s parameters: Blending Options>Drop Shadow



Blending Options>Bevel and Emboss



Blending Options>Stroke

 



The final result!

View full size here.