"Banana style text effect. Free PSD file."

 

• Make this layer temporary translucent, to see bottom text layer.
• Make elliptical selection with Elliptical Marquee Tool. Selected area should cover text shape fully.
• Go to Filter > Distort > Spherize You may find settings on the screen shot below.

• Apply Color Burn Blending Mode to created layer and opacity 55%. Then load selection for "Banana" text layer(ctrl + click text layer thumbnail) and add Layer Mask. Superfluous areas of texture layer should become invisible.

• You should have similar texture.

• Duplicate "Banana" text layer and place the duplicate above texture layer.
• Apply Inner Shadow and Pattern layer style effects to created layer. Adjust Fill = 0%.

• Select dark blue areas and erase them.

• You may find this pattern in the preset "Grayscale paper" group of patterns.