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public static Icon GetIcon(string text)
{
    //Create bitmap, kind of canvas
    Bitmap bitmap = new Bitmap(32, 32);

    Icon icon = new Icon(@"Images\PomoDomo.ico");
    System.Drawing.Font drawFont = new System.Drawing.Font("Calibri", 19, FontStyle.Bold);
    System.Drawing.SolidBrush drawBrush = new System.Drawing.SolidBrush(System.Drawing.Color.White);

    System.Drawing.Graphics graphics = System.Drawing.Graphics.FromImage(bitmap);
    graphics.TextRenderingHint = System.Drawing.Text.TextRenderingHint.SingleBitPerPixel;    
    graphics.DrawIcon(icon, 0, 0);            
    graphics.DrawString(text, drawFont, drawBrush, 0, 0);

    //To Save icon to disk
    bitmap.Save("icon.ico", System.Drawing.Imaging.ImageFormat.Icon);
    
    Icon createdIcon = Icon.FromHandle(bitmap.GetHicon());
    
    drawFont.Dispose();
    drawBrush.Dispose();
    graphics.Dispose();
    bitmap.Dispose();

    return createdIcon;
}