Paisiy Mikhailovich Maltsev, a first-guild merchant from Nikolaev and an Old Believer, was born into the family of local merchant Mikhail Trofimovich Maltsev. As the eldest son, he received a university education, possibly graduating from Moscow University. His father entrusted him with selling lard in Europe, which was produced at a factory in Balakovo. Maltsev was not only a businessman but also had an interest in books and ancient manuscripts. This passion may have begun during his student years when he became acquainted with the creative intelligentsia of Moscow, including journalist V. Gilyarovsky, with whom he formed a strong friendship.

Paisiy Maltsev was not only a successful merchant but also an avid collector of historical documents of Russia. For a long time, it was believed that he mainly collected old printed books and manuscripts. However, it has recently been discovered that his collection, stored in the State Historical Museum in Moscow, includes documents from the time of the Patriotic War of 1812, diplomatic charters from the 15th and 18th centuries, materials on Freemasonry, autographs of politicians and writers, as well as documents from the archives of well-known noble families. Among the most interesting exhibits are a letter from Gogol to his mother and his prayer leaf that he took with him to Jerusalem.

Maltsev was an avid theatergoer and, according to rumors, invested in the construction of the Moscow Art Theater. In the late 19th century, when famine struck the Samara province, he and his brother Anisim took in several thousand starving people in Balakovo and fed them at their own expense. Maltsev also financed the construction of an Orthodox church in the village of Davydovka. After a fire destroyed the wooden church, he allocated funds for the construction of a new stone one. He did not attend the solemn opening of the church but sent a letter of thanks.

In turn, the villagers gifted Maltsev an icon of the Protection of the Holy Virgin. In response, he donated a thousand rubles and promised to allocate funds for the church fence. Despite the belief that Maltsev rarely visited Balakovo, documents testify to his active participation in local life. He was a member of the commission for the revaluation of real estate in Balakovo in the late 19th century.

After the death of his brother Anisim in 1914, Paisiy took on the care of his family and the completion of the Holy Trinity Church. It is unknown where he was during the October Revolution. According to rumors, he was arrested in Saratov and was killed by a Red Army soldier during forced labor.