It will be easier with square font like this in my example (links at the bottom)
Create new file with black background, type your text in white:
[ATTACH]64496[/ATTACH]
convert text to shape (right click on the text layer in the layers panel and choose "Converto to shape"
[ATTACH]64497[/ATTACH]
Then grab "Direct Selection Tool" (A) - but remember to choose white arrow
its hidden below the black one in the tools panel on the left, and select bottom parts of letters
[ATTACH]64498[/ATTACH]
Next just using down arrow drag the points down
[ATTACH]64499[/ATTACH]
next steps are additional, only to get the look from your example:
add gradient in blending options:
[ATTACH]64500[/ATTACH]
put that layer inside a group (if you use Photoshop CC) or convert it into smart object.
Create yellow circle
[ATTACH]64501[/ATTACH]
and clip it to smart object or clip it to group:
[ATTACH]64502[/ATTACH]
next grab pen tool and create shape of your island, and also clip it:
[ATTACH]64503[/ATTACH]
then just add your car, and trees ( links in bottom)
and here is your result:
[ATTACH]64504[/ATTACH]
if it will help you I can make short video to show you how to do it 
here are the links for the font, and silhouettes of car and trees I used:
http://all-silhouettes.com/vector-tropical-islands/
http://all-silhouettes.com/vector-retro-cars/
http://www.dafont.com/transformers-movie.font?fpp=100&text=SURFING