What I have done there is magic wand the text and delete it from the black banner.
You should have loaded the transparency directly instead of involving the Magic Wand Tool.
Check out knockouts:
Absolutely othing wrong with Dave's method, but if you'd like a different way
1) Create your text
2) Add your background
3) Now select the text by ctrl or cmd clicking the text layer, followed by alt or option clicking the layer mask icon. To create an inverted layer mask
4)Now click the layer mask and holding alt or option drag down to the layer below, which duplicates the mask
5) And that's it. Above you can see an outline as I used anti-aliased text but that disappears with the second mask as far as I can see, otherwise don't use smoothing
Absolute legend, thank you!