Silicon molding material would work great. You can get it from the hardware store. It would be easy to make a mold out of a band you already have. Then you can carve in the letters.
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you can attempt to make some with window sealant but its quite a challenge to form it into a good bracelet
cover the text with electrical tape of close color
Silicone is very resilient - not willing to change whats on them (for melting and reforming that is).
Making new ones isn't much of a home-project, without a bunch of 2-part chemicals.
There are several websites that will custom make bracelets, google it!