Monkey5,
I use Image > Resize > Canvas Size. First set Background color to Black. Then Image>Resize>Canvas Size. When the settings box opens, add .5" to the existing sizes for top and bottom. This puts the black border around your photo. Now put eight white boxes using the Rctangle Tool along the long sides of you Photo. After the white boxes are spaced properly, you crop out the excess black on the short sides of your photo so that only a sliver shows.
This sample was done this way, but I didn't use the Rectangle Tool, I placed the white boxes on the long edge free-hand. So they aren't perfect. I'm just not a perfect guy - ya know what I mean?
road_runner