Choose custom shape tool and draw a shape of heart.
Take duplicate layer Press Ctrl+T and Scale up the layer.
Move this layer below the original layer in layer order in layer palette.
Create a rectangle using rectangular shape tool.
Press Ctrl+T. Right Click and select Warp. Select flag from the preset warp shapes at the top bar. Apply setting as shown below.
Double click the layer to open layer style window. Apply settings as shown.
Choose pen tool and create the ribbon ends.
Apply similar layer styles as we used for the ribbon shape.
Type the site name using a nice font.
Press text warp tool from the top bar. Apply settings as shown.
Select & merge all layers. Duplicate layer. Press Ctrl+T & scale up a bit. Ctrl+Click the layer thumbnail to get the selection. Fill the selection with the solid white color.Move this layer below all the layers in layer order in layer palette.
Double click the layer to open layer style window. Apply settings as shown.