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@f . a . m i l l s
I first created a rectangle with the Rectangle Tool.
I converted the rectangle to a Smart Object.
I then opened the PSB file and did the following....
I added dotted line border.
Added a pattern overlay and a Bevel and Emboss.
I then added a second dotted line.
I also added a gradient overlay.
I then used the Ellipse Tool to create the grommets. Copied and positioned to the corners.
I then added the text.
I then saved the changes to the PSB file and returned to the original PSD.
On the rectangle layer, I used Free Transform (Distort) to give the rectangle perspective with the fence.
I also used the warp feature to create some "sag" in the banner.
I then added "wrinkles" (shading & highlights) to the banner with the Brush Tool
I then added "tie downs" for the banner.
And just for fun...........I added flowers to the banner but any pattern could be added.