I did figure out a technique for creating this type of graphic from scratch with only using the Pen Tool one time!
Set up your Guidelines.
Use the Rounded Rectangle Tool to create top and bottom radii.
Repeat for left and right radii on a new layer.
This is the step where you have to use the Pen Tool.
On a new layer, use the Pen Tool to make one half of the top shape.
Turn off the two original Rounded Rectangle layers.
Duplicate the newly created top shape.
Use free transform to turn it over.
Use Move Tool to position.
Merge the two halves. (We will call this Base 1)
Duplicate. (We will call the duplicate Base 2)
Change the duplicates color.
Position the duplicate.
Make a selection of both.
On a new layer, fill the selection with white.
At this point you want to turn off the two layers you used to make this selection, but do not DISCARD! You will need them later.
You will notice that you have dimples on the right and left sides.
Use the Rectangular Marquis Tool and the guides to make them straight.
Fill with white.
This shape will now be your base for your graphic. This will be Base 3.